High Interest Savings Options for Military Families

The Federal Reserve raised interest rates for the ninth time in March 2023, bringing the federal funds rate to between 4.75% to 5%. Higher Fed rates, designed to combat high inflation, raised interest charged on loans and variable-rate credit cards but also provided an opportunity for savers to earn higher interest on deposits after more than a decade of low-interest rates.

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Three Ways Service Providers Can Expand Food Security in Their Communities

In 2021, 33.8 million people living in the United States were food insecure (Weeks et al, 2023). Food security is defined by the USDA as, “Access at all times to enough food for an active, healthy life for all household members” (OPA).  Frequent relocations, barriers to spousal employment, and the Basic Allowance for Housing being factored into SNAP eligibility compounds the issue of food security for military families. As a result, one in four service members currently experience food insecurity (OPA). 

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Shrinkflation: How Military Families Can Fight Back

One cause of food insecurity among military families is inflation. As food costs rise, the ability to make nutritionally sound food purchases and maintain consistent access to food decreases. In February 2023, food prices were 9.5% higher than a year earlier according to the USDA Economic Research Service. Another cause of concern for cash-strapped military families is “shrinkflation,” i.e., where food and household product (e.g., toilet paper) manufacturers keep prices the same but reduce package sizing or the amount of product placed in packages. As a result, consumers pay more for less. 

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